The incredible price journey of a 2 carat diamond ring in the UK.
Diamonds are the most expensive and most beautiful creation in the world of jewellery and buying diamonds for your big day is a big and important matter. Your decision to buy a diamond for your future wife is an important matter and makes your spouse feel his/her worth. So always be wise to choose for your special one.
In this article, we are going to discuss the price of a 2 carat diamond ring in the UK.
Have you thought about how much you are willing to spend on a diamond ring to propose to your future wife? It’s extremely important to have a budget in mind because it’s easy to get lost in the myriad of beautiful rings out there.
Perhaps you have started to think about your budget, or other matters related to engagement rings. But do you know how much an engagement ring costs in the UK? We are here to tell you everything.
What is the average price of an engagement ring in the UK?
You might think that buying a diamond engagement ring costs a fortune, and of course it does, but the average price is actually not as high as you might think.
The price of a diamond engagement ring is determined by the 4Cs: cut, color, clarity and carat weight. And since the average engagement ring only contains three to four grams of precious metal, its price is mainly affected by diamonds.
Britons spend about 19% less on engagement rings than they did ten years ago. The current engagement ring is worth approximately £1,471, which is lower than the average monthly salary in the UK of £1,800
How much does the average person typically spend on an engagement ring?
Putting aside the fact that the average price of an engagement ring has dropped in recent years, what people spend on it still depends on many other factors.
Couple’s age
It was also discovered that age will affect a person’s attitude toward an engagement ring. Millennials (generally defined as those aged between 26 and 40) are willing to spend double the money on engagement rings compared to older generations.
In addition, 23% of young people expect their partner to spend more than £5,000 on an engagement ring, but only 5% of women aged 45 or above have this idea. It can be seen that the younger you are, the more you expect to spend on the budget for an engagement ring
Does the groom’s background matter?
The cost of an engagement ring is also related to the fiancé’s birth background to a certain extent. In the north of Ireland, fiancés typically spend more than £1,700 on a wedding ring, while men in the east of the UK spend an average of around £1,696.
Yorkshiremen spent around £1,261 on an engagement ring, while Scots spent less than £1,000, which seems to support the idea that Scots are tight with money.
Why have budgets changed over the past decade?
The legendary saying that the price of a diamond engagement ring should be equivalent to three months’ salary is outdated. While this was a trend in the 80’s and 90’s, with today’s inflation, currency conversion rates, and the modernization of weddings in general, it is no longer seen as a must-follow rule. In fact, the budget for a diamond engagement ring has changed over the past decade for a variety of reasons.
The main reason is probably today’s economic environment, which is generally very different from the atmosphere 1 or 20 years ago. People are reluctant to invest as much money into an engagement ring because all the other expenses are related to the wedding, honeymoon and new life after the celebrations.
Additionally, while the meaning of marriage is still as important to people as it was a few years ago, the mindset regarding the engagement ring itself has also changed. It is more of a symbol of love than a symbol of wealth.
Conclusion
Though, buying a 2 carat diamond ring is not everyone’s cup of tea. You will have to save more to spend more on your big day. Also, the price varies from time to time. So you have to adapt to it and travel with time to succeed on your special day.
